Leak Detection and Repair Market worth USD 25.9 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Leak Detection and Repair Market by Product (Handheld Gas Detectors, UAV-based Detectors, Vehicle-based Detectors, and Manned Aircraft Detectors), by Component (Equipment and Service), by Technology (Volatile Organic Compounds (VOC) Analyzer, Optical Gas Imaging, Laser Absorption Spectroscopy, Ambient/Mobile Leak Monitoring, Acoustic Leak Detection, and Audio-Visual-Olfactory Inspection), by Region – Global Share and Forecast to 2027".

The global leak detection and repair market size is expected to grow from USD 18.9 billion in 2020 to USD 25.9 billion by 2027, at a CAGR of 5.4% during the forecast period. The replacement of coal-based thermal power plants by natural gas-based power plants due to higher efficiency and low carbon dioxide emission is expected to be one of the most important factors that would drive the demand for leak detection and repair systems. The use of natural gas in power generation produces approximately half as much carbon dioxide per unit of energy compared to coal. It is capable of being transported through a pipeline. However, methane is a major component of natural gas and is considered a much more potent greenhouse gas than carbon dioxide.

Browse 211 market data Tables and 63 Figures spread through 234 Pages and in-depth TOC on "Leak Detection and Repair Market Research Report 2021-2027."

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Global Leak Detection and Repair Market Segmentation
The overall leak detection and repair market has been segmented into the product, component, technology, and region.

• By Product (Handheld Gas Detectors, UAV-based Detectors, Vehicle-based Detectors, and Manned Aircraft Detectors)

• By Component (Equipment and Service)

• By Technology (Volatile Organic Compounds (VOC) Analyzer, Optical Gas Imaging, Laser Absorption Spectroscopy, Ambient/Mobile Leak Monitoring, Acoustic Leak Detection, and Audio-Visual-Olfactory Inspection)

• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

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VOC Analyzer, by technology, is estimated to hold the largest market share during the forecast period
Based on technology, the LDAR market has been segmented into VOC Analyzer, Optical Gas Imaging, Laser Absorption Spectroscopy, Ambient/Mobile Leak Monitoring, Acoustic Leak Detection, and Audio-Visual-Olfactory Inspection. The VOC Analyzer segment has the highest market share in 2020 and registers a CAGR of 4.3% during the forecast period. The VOC analyzer is one of the most commonly used technologies for detecting various gasses such as hydrogen, oxygen, fluorine, chlorine, bromine, sulfur, and nitrogen. This technology is widely used in Method 21 inspection for the detection of gas leakages. Detector technologies such as Photoionization Detectors (PID), infrared absorption, catalytic oxidation, and Flame Ionization Detectors (FID) are employed to sense a variety of gases, primarily consisting of VOCs.

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North America accounts for the largest market share in leak detection and repair market 2020
Based on the regions, the global leak detection and repair market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 44.9% in the global leak detection and repair market and was anticipated to maintain its dominance throughout the forecast period. In North America, the presence of the largest oil and gas pipeline network and concentration of major oil and gas producing and refining companies in the region provides a high potential market for the deployment of gas leak detection, monitoring, and repair systems over the forecast period. Oil and gas companies in North America are the early adopters of new-generation performance and process improvement technologies. Many companies voluntarily adopt multiple types of automated and smart gas leak detection systems based on unmanned aerial vehicles and human-crewed aircraft to reduce emissions and improve automation.

The U.S. government has implemented stringent regulations such as Quad O a to promote the adoption of Leak Detection and Repair (LDAR) systems in the oil and gas industry. The country’s government is also investing considerable monetary and non-monetary resources in developing accurate and low-cost methane leak detection systems under the Advanced Research Projects AgencyEnergy (ARPA-E) MONITOR program. Canada is the fourth-largest oil-producing country with a share of 5% in global crude oil production. It is also one of the major oil-exporting countries and has the world’s third-largest oil and gas pipeline network that spans approximately 100,000 km. Canada’s proximity to the U.S., the world’s largest oil and gas consumer, is expected to boost the country's production and export of crude oil. Presently, the U.S. consumes around 99% share of Canada’s oil and gas exports.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the leak detection and repair market. Major companies in the global market of leak detection and repair are Aeris Technologies, Inc., Bridger Photonics, Inc., LI-COR, Inc., Duke University, IBM Thomas J. Watson Research Center, Summit Inspections Services, Inc., GHD, Inc., ERM Group, Inc., ABB Ltd., Chicago Bridge & Iron Company N.V., AECOM, Guardian Compliance, Heath Consultants, ENCOS, Inc., Team Inc., Picarro Inc., Microdrones GmbH, Boreal Laser Inc., VelocityEHS, and Kairos Aerospace.

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